Diversified PSU Balmer Lawrie & Co has planned a capital expenditure of Rs 700 crore with the aim to achieve a revenue of Rs 6,000 crore by 2030, a company official said.

It plans to diversify into ethanol production, set up a free trade warehousing zone (FTWZ) in Mumbai and upgrade facilities, Chairman and Managing Director Adhip Nath Palchaudhuri told reporters.

“The board of the company has approved a capital expenditure of Rs 700 crore,” he said.

The Kolkata-headquartered company also plans to enter third-party logistics for companies wanting to store their products, the CMD said.

Palchaudhuri said Balmer Lawrie will make an investment of Rs 330 crore for producing ethanol using rice and maize as feedstock, and Rs 220 crore for setting up the FTWZ, which is akin to a special economic zone (SEZ).

Another Rs 45 crore will be spent for setting up a third-party logistics hub at Dankuni in West Bengal.